The Weekly 411

Today we're covering:

💸 Luxury Home Sales Surge Across Canada 

🏠 GTA Home Prices Rise, But Sales Drop

🤠 Calgary Housing Demand Surges, Inventory Tightens

🎬 TV Show About Toronto Realtors Coming to Amazon Prime

🏗 Toronto Construction Slows in 2024

Read Time: 2 minutes

💸 Luxury Home Sales Surge Across Canada 

• Canadian luxury home sales surged in early 2024, with most markets seeing double-digit growth. 

• Mid-sized cities like Saskatoon led the surge (57% increase), fueled by buyers seeking affordability compared to major urban centers.

• Alberta's luxury market is booming thanks to buyers relocating from Ontario and B.C. 

• The GTA's ultra-luxury segment ($5+ million) saw growth (77% increase), though overall sales volume in this category remains low.

Why This Matters: 

• Rising affordability concerns in Ontario and B.C. drive buyers towards more affordable luxury homes in mid-sized cities.

• Downsizing trends in the GTA contribute to increased luxury condo and townhouse sales.

🏠 GTA Home Prices Rise, But Sales Drop

• GTA home sales declined 4.5% in March compared to last year.

• The average selling price increased moderately by 1.3%.

• New listings for the first quarter increased by 18.3%.​

Why This Matters: 

• If borrowing costs decrease later in the year, it could lead to higher sales, tighter market conditions, and increased selling prices.

🤠 Calgary Housing Demand Surges, Inventory Tightens

• Calgary home sales jumped 10% in March (compared to last year) due to migration from other provinces.

• Inventory shrunk significantly (down 22%), with the biggest drop for homes under $500,000.

• Affordable options (row houses, apartments) saw the highest price increases year-on-year.

Why This Matters: 

• Tight inventory in Calgary, especially for affordable properties, signals a potential for price appreciation. 

• Investors should consider the Calgary market, as strong migration supports a healthy rental demand.

🎬 TV Show About Toronto Realtors Coming to Amazon Prime

• A new reality show on Prime Video, "Luxe Listings Toronto,"explores Toronto's high-end real estate market.​

• The show highlights luxury listings in Forest Hill and The Bridle Path, focusing on high-profile real estate agents and their affluent clientele.

• Critics argue the show promotes excessive wealth and is out of touch with the current housing crisis.

• The show premiers on April 26th

🏗 Toronto Construction Slows in 2024

• The city saw a drop of 19 cranes between late 2023 and early 2024.

• The decrease is attributed to a general slowdown in construction projects

• Toronto maintains the highest crane count (221) compared to 13 other major North American cities.

• Residential and mixed-use projects continue to drive Toronto's construction activity.

Why This Matters:

• The drop suggests fewer new developments are in the pipeline, which could reduce supply in the coming years.

• Decreased construction could lead to less competition among developers, potentially impacting prices and investment dynamic